the fourth quarter of 2020 and N32.915 trillion national debt as at December 2020, according to the Debt Management Office, there is a compelling need for aggressive efforts to diversify the economy.
It is estimated that Nigeria accounts for 62 percent, approximately 370,000 metric tonnes per annum, of global shea nut production estimated at 600,000 metric tonnes. Aside ranking as one of the leading producers of raw shea nuts globally, Nigeria has the largest stock of Shea trees in park lands. Recently, the Senate deliberated on a bill seeking to establish the National Shea Development Council as part of an overall drive to boost shea production and shore up the country’s foreign exchange earnings, as well as foster economic diversification through shea export.
Considering the enormous potentials embedded in the agricultural sector, there is no reason, in our opinion, why Nigeria should not lead or, at least, be among the top oil palm producing nations in the world. Nigeria, with her comparative advantage in the production of oil palm, a whopping $500million is still spent annually importing it.
Source: Entertainment Trends (entertainmenttrends.net)